OCC Issues New Comptroller's Handbook Booklet on Personal Fiduciary Activities
The Office of the Comptroller of the Currency ("OCC") issued an updated booklet titled "Personal Fiduciary Activities." The booklet is part of the Comptroller's Handbook. The revised booklet, which replaces the August 2002 version, provides updated guidance for examiners on risks and expected controls over personal fiduciary activities that may arise as part of the broader fiduciary and asset management activities of national banks or federal savings associations. The booklet also explains the risks that are inherent in offering personal fiduciary products and services, and suggests a framework for managing those risks.